Let's begin :)
Start by taking your fabric and ripping two strips, mine were about an inch wide. Just make a little snip in the fabric and then rip it all the way down. Then sew together to make one really long strip. Run that long strip through your machine to make a ruffle (high tension, long length), about 1/4 inch from one edge. Put your sewing machine away, we're done with it.

Cut your felt background piece to size by using the frame backing as a guide. Draw a heart on this to give you guidance on your shape. (Alternately, if I had to do it again, I would cut a pink heart now and glue that on as my guide, instead of framing my heart at the end with the pink heart, you'll see what I mean)
Starting in the center, working in the round, glue down.
You'll see I'm gluing the 1/4 inch edge, just enough to hold it, about every inch or so.
After a couple times around its taking shape. Just use your heart as a guide (awww, sweet)
At the top valley, glue it to the previous ruffle, drawing it down to help create the valley. Make sense?
I finished mine off by framing it with a pink felt heart.LOVE IT!
I honestly think this is my first ever Valentine's decoration. How pathetic am I!? Wait don't answer that.